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Hotel occupancy will continue to struggle in 2022

International travel restrictions and domestic containment measures have dealt the hotel sector a massive blow over the last two years. The outlook for the sector is more positive, but a slow relaxation of restrictions, tourist hesitancy and reduced business travel mean that it is unlikely that the sector will recover fully in 2022.
Pieter Du Preez Property Economist
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UK Commercial Property Data Response

RICS Construction Market Survey (Q2)

The latest RICS Construction Survey showed a further rise in workloads during Q2, though sentiment for the next 12 months worsened slightly. With labour and supply shortages remaining a major concern and signs that rising interest rates are biting, we expect building activity to weaken in the near term.

4 August 2022

UK Commercial Property Data Response

S&P Global/CIPS Construction PMI (Jul.)

The fourth consecutive decline in the headline construction PMI took the index below 50 for the first time since January 2021. While driven by an idiosyncratic drop in civil engineering activity, the upbeat new orders and future activity balances look wildly optimistic. Bank of England Drop-In (4th August, 10:30 ET/15:30 BST): Join our post-MPC, 20-minute online briefing to find out why we think UK rates will rise by more than most expect, despite a looming recession. Register now.

4 August 2022

UK Commercial Property Update

Stretched consumers to cut back on leisure spending

As the cost-of-living crisis bites consumers will be forced to cut back on discretionary spending, with the leisure sector set to suffer as a result. At the same time, operators are facing shortages of labour and rising costs. We have therefore cut our rental value forecast to a 1% fall this year and no change in 2023.

Bank of England Drop-In (4th August, 10:30 ET/15:30 BST): Join our post-MPC, 20-minute online briefing to find out why we think UK rates will rise by more than most expect, despite a looming recession. Register now.

2 August 2022

More from Pieter Du Preez

UK Commercial Property Update

Investment expected to edge higher in 2022

Investment activity has bounced back sharply after the initial COVID-19 shock and is on track to hit a three-year high in 2021. But we expect more modest growth in 2022 as softer economic activity and structural factors in some sectors weigh on transactions. Note: Central Bank Drop-In – The Fed, ECB and BoE are just some of the key central bank decisions expected in this packed week of meetings. Neil Shearing and a special panel of our chief economists will sift through the outcomes on Thursday, 16th December at 11:00 ET/16:00 GMT and discuss the monetary policy outlook for 2022.

15 December 2021

UK Commercial Property Update

London office construction expected to slow further

Office space under construction declined for a third consecutive quarter according to the Winter London Crane Survey, despite an uptick in new starts. Given the challenges the office sector faces, we believe that activity is likely to decrease even further over the coming years.

10 December 2021

UK Commercial Property Data Response

IHS Markit/CIPS Construction PMI (Nov.)

The construction PMI rose for a second-consecutive month in October, to its highest level since July. However, we expect continued labour and supply shortages to hamper output in the near term.

6 December 2021
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